Thursday, January 19, 2017
Interesting meeting yesterday in Room 230 of the State House. The Municipal Finance Oversight Board met to discuss Templeton's application to borrow MONEY (47.5 Million dollars) to fund the elementary school project.
There were many town officials in attendance: John Caplis chairman of Templeton BOS, Carter Terenzini interim Town Administrator, Superintendent of Schools, Mr. Roselli, the newest auditor, Kate Myers, treasurer/collector, the project OPM a whole roomful of people!
The Templeton Advisory Committee voted at Monday's night meeting to send a LETTER regarding the Advisory Committee's FINANCIAL concerns regarding the Town of Templeton's FINANCES and the impact of this borrowing for the town.
Mary Jane Handy , the MFOB representative from the Department of Revenue Division of Local Services explained that Chapter 44A borrowing is a pubic bond program. the bonds are sold on the market and the debt service payments for these bonds are taken from that community's State Aid allocation. However, in Templeton's case, the Town of Templeton does not receive enough state aid to cover a bond of this magnitude ( $47.5 million). In addition the Town of Templeton is currently carrying TOO MUCH DEBT to be eligible for borrowing under Chapter 44A.
This MFOB meeting was not a debate on the merits of building an elementary school in Templeton, even an ill-fated elementary school. It was a meeting to determine if the Town of Templeton could find a way to borrow money because the Town of Templeton HAS NO BOND RATING!
Here's a newsflash Templeton residents-
The Town of Templeton has to be able to pay for the new school.
You might want to ask yourselves who brought the question of a new elementary school before the voters of the Town of Templeton? Why would these people do that if the town's finances were not in good shape - without a bond rating? Without knowing the amount of debt the town was already carrying? Who would do that?
The MFOB tabled the discussion on the bond application until March 8, 2017.
So, jump up and down and stamp your feet! Get busy! Make those phone calls! Write those letters! Organize small children and haul them into the State House to say the pledge of allegiance on March 8th!
Because that will change the amount of debt the Town of Templeton is carrying.